Data I/O Corp.

$DAIO - Nasdaq - Computers and Electronic Equipment
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Press Release $DAIO Data I/O Corp.

0 COMMENTs 29 Apr
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Data I/O Reports First Quarter 2013 Results

REDMOND, WA -- (Marketwired) -- 04/29/13 -- Data I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced programming and IP management solutions for flash, flash-memory based intelligent devices and microcontrollers, today announced financial results for the first quarter ended March 31, 2013.


  • Net sales of $4.8 million up 29% compared to Q1 2012 and up 27% compared to Q4 2012
  • Net loss of ($0.5) million compared to a net loss of ($1.7) million in Q1 2012
  • 2 new significant customers acquired
  • Backlog of $0.9 million at end of quarter
  • Additional restructure actions announced in April 2013

Financial Results
Net sales for the first quarter of 2013 were $4.8 million, up 29% compared with $3.7 million in the first quarter of 2012. Net loss in the first quarter of 2013 was ($0.5) million, or ($0.06) per share, compared with net loss of ($1.7) million or ($0.19) per share, in the first quarter of 2012.

The Company's increase in orders and net sales was primarily due to purchasing by wireless related customers and a new consumer home electronics customer. The sales growth was primarily in the Americas. Orders for the first quarter of 2013 were $4.8 million, up 13%, compared with $4.2 million in the first quarter of 2012.

"During the quarter, we won two significant new customers, one in home electronics and the second an electronics manufacturing service," stated Anthony Ambrose, President and CEO. "We also had capacity purchases from two large wireless customers to support their new product ramps. We announced several performance enhancements to our FLASHCORE III programming engine to support faster FLASH memory programming performance, and a second generation 3D co-planarity solution for our automotive customers. In April, we have taken further restructure actions to reduce costs and provide the financial flexibility to move development projects forward by deploying the right resources where needed."

"EBITDA," Earnings Before Interest [income $18,000], Taxes [$5,000], and Depreciation and Amortization [$179,000], was a loss of $293,000. This non-GAAP financial measure should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding the Company's results and facilitates the comparison of results.

Conference Call Information
A conference call discussing the first quarter 2013 financial results will follow this release today at 2 p.m. Pacific time/5 p.m. Eastern time. To listen to the conference call, please dial (480) 629-9035 passcode: DAIO. A replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, please dial (320) 365-3844, access code: 290613. The conference call will also be simultaneously web cast over the Internet; visit the News and Events section of the Data I/O Corporation website at to access the call from the site. This web cast will be recorded and available for replay on the Data I/O Corporation website approximately two hours after the conclusion of the conference call.

About Data I/O Corporation
Celebrating 40 years of expertise in delivering intellectual property to programmable devices, Data I/O offers complete, integrated manufacturing solutions in wireless, automotive, programming center, semiconductor, and industrial control market segments for OEM, ODM, EMS and semiconductor companies. Data I/O is the leader in programming and provides hardware and software solutions for turn-key programming and device testing services, as well as in-system (on-board), in-line (right before use at the SMT line), or in-socket (off-line) programming. These solutions are scalable for small, medium and large volume applications with different device mixes. Data I/O Corporation has headquarters in Redmond, Wash., with sales and services worldwide. For further information, visit the company's website at

Forward Looking Statement
Statements in this news release concerning expected revenue, expected margins, expected loss, orders and financial positions, cash position, restructure actions, and any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. These factors include uncertainties as to ability to record revenues based upon the timing of product deliveries and installations, accrual of expenses, changes in economic conditions and other risks including those described in the Company's filings on Forms 10K and 10Q with the Securities and Exchange Commission (SEC), press releases and other communications.

                            DATA I/O CORPORATION
                  (in thousands, except per share amounts)

                                                    Three Months Ended
                                                         March 31,
                                                    2013           2012
                                               -------------  -------------

Net Sales                                      $       4,759  $       3,679
Cost of goods sold                                     2,218          1,737
                                               -------------  -------------
  Gross margin                                         2,541          1,942
Operating expenses:
  Research and development                             1,205          1,392
  Selling, general and administrative                  1,806          2,250
                                               -------------  -------------
    Total operating expenses                           3,011          3,642
                                               -------------  -------------
    Operating income (loss)                             (470)        (1,700)
Non-operating income (expense):
  Interest income                                         18             33
  Foreign currency transaction gain (loss)                (3)             9
                                               -------------  -------------
  Total non-operating income (loss)                       15             42
                                               -------------  -------------
Income (loss) before income taxes                       (455)        (1,658)
Income tax (expense) benefit                              (4)           (19)
                                               -------------  -------------
Net income (loss)                              $        (459) $      (1,677)
                                               =============  =============

Basic earnings (loss) per share                $       (0.06) $       (0.19)
Diluted earnings (loss) per share              $       (0.06) $       (0.19)
Weighted-average basic shares                          7,749          8,765
Weighted-average diluted shares                        7,749          8,765

                            DATA I/O CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                     (in thousands, except share data)

                                                   March 31,   December 31,
                                                      2013         2012
                                                  -----------  ------------

  Cash and cash equivalents                       $    10,392  $     10,528
  Trade accounts receivable, net of allowance for
   doubtful accounts of $89 and $89, respectively       2,870         2,648
  Inventories                                           3,626         4,033
  Other current assets                                    394           486
                                                  -----------  ------------
    TOTAL CURRENT ASSETS                               17,282        17,695

Property, plant and equipment - net                       847         1,006
Intangible software technology-net                         34            35
Other assets                                               84            86
                                                  -----------  ------------
    TOTAL ASSETS                                  $    18,247  $     18,822
                                                  ===========  ============

  Accounts payable                                $       981  $        850
  Accrued compensation                                    900         1,183
  Deferred revenue                                      1,209         1,238
  Other accrued liabilities                               625           539
  Accrued costs of business restructuring                   -            25
  Income taxes payable                                     23            23
                                                  -----------  ------------
    TOTAL CURRENT LIABILITIES                           3,738         3,858

Long-term other payables                                  228           219


  Preferred stock -
      Authorized, 5,000,000 shares, including
       200,000 shares of Series A Junior
      Issued and outstanding, none                          -             -
  Common stock, at stated value -
      Authorized, 30,000,000 shares
      Issued and outstanding, 7,752,859 and
       7,741,686 shares, respectively                  18,002        17,928
Accumulated earnings (deficit)                         (4,925)       (4,466)
Accumulated other comprehensive income                  1,204         1,283
                                                  -----------  ------------
    TOTAL STOCKHOLDERS' EQUITY                         14,281        14,745
                                                  -----------  ------------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $    18,247  $     18,822
                                                  ===========  ============

Joel Hatlen
Vice President and Chief Financial Officer
Email Contact
Data I/O Corporation
6464 185th Ave. NE, Suite 101
Redmond, WA 98052
(425) 881-6444

Source: Data I/O Corporation

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